Who would’ve guessed elections are great for the market? The S&P 500 has had its best week since April. At the time of writing, Biden has been declared President-elect, and it looks likely that Republicans will hold the Senate. However, the major equity indexes rose sharply on Wednesday and Thursday despite the outcome still being a toss-up. Doesn’t uncertainty translate to volatility in the markets?
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President-elect Joe Biden won the presidential race, according to the Associated Press. He is the first president since George W. Bush to enter the house without power over the house or senate.
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The coronavirus pandemic has debilitated the US economy in many different aspects. From the stock market to the unemployment rate, no one can deny that this virus has hit every sector of the American economy.
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Last Thursday, Goldman Sachs Group, Inc. agreed to pay a $2.9B fine to regulators for raising funds for 1Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund tied to multiple cases of fraud and corruption. Dubbed as “one of the biggest financial scams in history,” the United States Department of Justice (DOJ) has led one of the world’s largest investment firms to plead guilty after further investigations ensued.
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When it comes to predicting future performance, the only data available to investors is the past; and that is what investors will look to when trying to decipher the direction of the stock market after November’s election.
Read MoreSince the start of the pandemic, about thirty million Americans have become unemployed. This is a record high for the country, leaving many Americans relying on weekly stimulus checks to pay bills in order to pay for basic necessities.
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The Department of Justice filed an antitrust lawsuit against Google on October 20. The DOJ is suing Google due to its business practices, arguing that Google acts as a monopoly.
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The S&P 500, Dow Jones Industrial Average, and Nasdaq all had a week to remember with their largest gain in the last three months. Powering the weekly surge were new talks about a stimulus deal, analysts’ growing optimism about EPS, and the Vice President Biden’s increasing lead in the polls.
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Blackrock, the world’s largest asset manager, has launched an Environmental, Social, and Governance fund. ESG criteria have become popular among socially conscious investors looking to back companies that share their values, whether its sustainability, reinvesting back into local communities, or leadership that practices good faith. Younger investors, in particular, have made this screening method popular.
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McDonald’s, Chipotle, and Dominos have done great during the pandemic while local restaurants have been struggling. Well capitalized food chains like Chipotle and Dominos have gained customers and added stores, while many local restaurants have had to shut their doors.
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